Adtech startup InMobi has raised $100 million in debt financing. The Indian company, which is already making money, wants to “significantly deepen” its AI efforts and pay for possible AI acquisitions before its planned IPO next year.
InMobi said Wednesday that the money came from Mars Growth Capital, a partnership between MUFG and Liquidity Group. Mars has recently invested in a number of companies in India. In the past few months, it has also backed the quick commerce startup Zepto and the website Infra.Market.
InMobi, which has users like Mastercard, Samsung, Vodafone, and Coca-Cola and is backed by SoftBank, has been actively exploring AI advances to improve ad interactivity for the past two years. Parhlo World previously reported that the business, which works with tens of thousands of app developers in more than 50 countries, recently came up with ways to make native ads look like they belong in content.
Glance is a unicorn startup that runs an Android lockscreen app, and InMobi also owns that company. Technology news site Parhlo World says that the Android platform is also in talks to raise more than $200 million.
InMobi wants to be worth about $10 billion in its initial public offering, which is set to happen in India next year. Parhlo World reported earlier that the company hopes to make more than $700 million a year by the end of March.
Also Read: Customers of the Indian Cryptocurrency Company Wazirx Probably Won’t Get Their Full Money Back
The MARS Growth Capital debt financing is one of the biggest deals the investment company has come across so far. Ron Daniel, co-founder and CEO of Liquidity Group and CEO of Mars Growth, said in a statement, “Liquidity is committed to growing the Asian tech ecosystem through its JV with MUFG, Mars Growth.”
What do you say about this story? Visit Parhlo World For more.
